Mortgage holders struggle as banks rake in billions | 60 Minutes Australia

I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.

Back 23 years ago I bought a Florida home for $115,000 and interest rates were 8%. Today new mortgage rates are 8% and the same home costs $600,000. The neighborhood incomes did not increase 500 percent.

Step 1: stop donating money to countries that hate you

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

In Australia and the USA look back to the 1960s and see how the 20 something year olds supported families lived on one income owning a home, car, vacations, support kids and probably a dog in the burbs. In the 1970's inflation and central bank government money counterfeiting put an end to it. Can a 25 year old support 5 people the same way today? If not then we have gone backwards.

I like how this story doesn't even mention the high cost of food at the supermarkets not falling, record profits for banks or the insane level of migration that is driving demand for rentals.

Not once did they suggest that prices are too high! And they never once said that people paid too much for houses....

We feel you. Same thing in South Africa, food prices soaring, fuel is insane and general cost of living is nearly impossible.

Greed. This planned all over the world.

Mortgage rates are currently at an all time high since 2000 based on statistics on inflation, we might see that number skyrocket further, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

60 Minutes should be more balanced in its coverage. What about more mention about how inflation is robbing the poor (those who can't even afford a roof over their head) of a basic living?

Rates shouldn’t have gone to zero period.

The result of the government propping up property prices at all costs

Australia is really making it difficult for it's citizens and immigrants are under paid as well. Resettlement is on the high side with many of our skilful Aussies leaving the country to practice in other countries. We need to make the government understand that we're going through a lot. You can't have a house on mortgage and work one job here in Australia.

I remember when variable rate loans were introduced to the masses. I was shocked that anyone would accept a bit cheaper loan for the risk of slowly being sucked under financially. And yet it became a thing. Variable rate loans ensure the lender pushes max risk on the borrower. Fixed rate loans share the risk. More economic rich/poor imbalance.

The problem was holding rates so low for so long. This shot the asset prices so high that small changes in interest are magnified. We should have raised rates much much sooner. For years we incentivized taking huge levels of debt and punished anyone saving. This is the situation we have created and there isn’t an easy way out

Australia: The biggest real estate bubble in the Globe!

It is just plain disgusting to see the big 4 banks have high profits but all the people are suffering on high interest mortgage. Also, why the government keep intaking new migrants when our housing supply is so tight

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The current condition in the world seem to be surviving and not thriving.